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Jeff Stone Joins Circuit City As Executive VP

2/11/2008 02:00:00 AM Eastern

Former Tweeter president/CEO Jeff Stone has joined Circuit City in the new role of executive VP for new business development.

Stone, who most recently served as president/COO of Tivoli Audio, will oversee the growth and development of the chain's new The City concept stores, its Firedog services business and ongoing "innovation work" as the retailer revamps its operations.

"Jeff brings proven premium retail brand and operational leadership experience to our team," said Circuit City chairman/CEO Phil Schoonover. "His specific experience in developing new consumer electronics retailing and services store concepts will be beneficial as we execute against our expansion of digital home services and optimize our new The City concept."

Stone's appointment is the latest in a series of recent changes within the executive ranks, including last month's appointment of John Harlow as executive VP/COO and the departure of multichannel sales executive VP Danny Clark.

"As we upgrade and build depth on our team with proven retail executives, I want to strike the appropriate balance of improving our near-term financial results through fixing our core business while developing our long-term strategic growth initiatives," Schoonover said. "We believe this balanced approach will improve our near-term profitability and our long-term competitive position while advancing shareholder value."

Stone joined Tweeter in 1990 to help execute an expansion strategy that took the company from a 13-store regional specialist to a 177-store national chain generating more than $825 million in sales. He joined Tivoli in 2005 and left the high-end audio manufacturer late last year.

Reporting to Stone are Marc Sieger, senior VP/general manager, services, and Steven Pappas, senior VP/president, small stores.

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